VALO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VALO
Largest movements
- Cash +€127,309
up €127,309 (+52.3%), from €243,433 to €370,743
mainly Net result for the year (+€222,051) and Depreciation (+€89,988)
- Tangible fixed assets -€89,988
down €89,988 (-3.1%), from €2.9m to €2.8m
of which Land and buildings: -€87,669
- Reserves +€222,051
up €222,051 (+46.0%), from €482,722 to €704,773
of which Distributable reserves: +€222,051
- Debts after one year -€200,677
down €200,677 (-20.7%), from €968,397 to €767,720
of which Financial debts: -€126,959
- Profit (loss) carried forward -€75,000
down €75,000 (-9.3%), from €809,565 to €734,565
- Other debts +€75,000
up €75,000 (+101.7%), from €73,718 to €148,718
- Taxes +€97,327
up €97,327 (+956.9%), from €10,171 to €107,497
- Gross operating margin +€54,237
up €54,237 (+14.5%), from €374,119 to €428,356
- Financial income +€32,963
up €32,963 (+88443.1%), from €37 to €33,000
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,722,365 | €3,758,892 | +€36,527 | +1.0% |
| Fixed assets | 21/28 | €3,478,138 | €3,388,150 | -€89,988 | -2.6% |
| Tangible fixed assets | 22/27 | €2,899,548 | €2,809,560 | -€89,988 | -3.1% |
| Land and buildings | 22 | €2,896,991 | €2,809,322 | -€87,669 | -3.0% |
| Plant, machinery and equipment | 23 | €2,556 | €238 | -€2,319 | -90.7% |
| Financial fixed assets | 28 | €578,590 | €578,590 | = | 0.0% |
| Current assets | 29/58 | €244,228 | €370,743 | +€126,515 | +51.8% |
| Amounts receivable within one year | 40/41 | €795 | €0 | -€795 | -100.0% |
| Other amounts receivable | 41 | €795 | €0 | -€795 | -100.0% |
| Cash at bank and in hand | 54/58 | €243,433 | €370,743 | +€127,309 | +52.3% |
| Total equity and liabilities | 10/49 | €3,722,365 | €3,758,892 | +€36,527 | +1.0% |
| Equity | 10/15 | €2,510,886 | €2,657,937 | +€147,051 | +5.9% |
| Contributions | 10/11 | €1,218,600 | €1,218,600 | = | 0.0% |
| Reserves | 13 | €482,722 | €704,773 | +€222,051 | +46.0% |
| Non-distributable reserves | 130/1 | €25,717 | €25,717 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,717 | €25,717 | = | 0.0% |
| Distributable reserves | 133 | €457,005 | €679,056 | +€222,051 | +48.6% |
| Profit (loss) carried forward | 14 | €809,565 | €734,565 | -€75,000 | -9.3% |
| Amounts payable | 17/49 | €1,211,479 | €1,100,955 | -€110,524 | -9.1% |
| Amounts payable after more than one year | 17 | €968,397 | €767,720 | -€200,677 | -20.7% |
| Financial debts | 170/4 | €673,525 | €546,566 | -€126,959 | -18.8% |
| Other amounts payable | 178/9 | €294,872 | €221,154 | -€73,718 | -25.0% |
| Amounts payable within one year | 42/48 | €243,082 | €333,235 | +€90,152 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €141,285 | €126,959 | -€14,327 | -10.1% |
| Trade debts | 44 | €16,079 | €10,023 | -€6,057 | -37.7% |
| Suppliers | 440/4 | €16,079 | €10,023 | -€6,057 | -37.7% |
| Taxes, remuneration and social security | 45 | €12,000 | €47,536 | +€35,536 | +296.1% |
| Taxes | 450/3 | €12,000 | €47,536 | +€35,536 | +296.1% |
| Other amounts payable | 47/48 | €73,718 | €148,718 | +€75,000 | +101.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,988 | €89,988 | -€0 | 0.0% |
| Other operating charges | 640/8 | €25,488 | €26,263 | +€776 | +3.0% |
| Gross operating margin | 9900 | €374,119 | €428,356 | +€54,237 | +14.5% |
| Operating profit (loss) | 9901 | €258,643 | €312,105 | +€53,461 | +20.7% |
| Financial income | 75/76B | €37 | €33,000 | +€32,963 | +88443.1% |
| Recurring financial income | 75 | €37 | €33,000 | +€32,963 | +88443.1% |
| Financial charges | 65/66B | €19,150 | €15,556 | -€3,593 | -18.8% |
| Recurring financial charges | 65 | €19,150 | €15,556 | -€3,593 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €239,531 | €329,548 | +€90,017 | +37.6% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €10,171 | €107,497 | +€97,327 | +956.9% |
| Profit (loss) for the period | 9904 | €229,360 | €222,051 | -€7,309 | -3.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €229,360 | €222,051 | -€7,309 | -3.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.